SAN FRANCISCO -- That was fast: BlackBerry could be headed the path of Dell, in a buyout deal with the smartphone maker's largest shareholder.

Shares of BlackBerry soared 9%, to $11.74, in midday trading following a report in Toronto's Globe and Mail that Fairfax Financial Holdings is mulling ways to take BlackBerry private.

Troubled BlackBerry, whose smartphone turnaround efforts have soured, on Monday said it was exploring its strategic options, including a sale, and announced a special committee for the task.

BlackBerry's change to its board on Monday -- Fairfax Financial CEO Prem Watsa stepped down -- and the appointment of Timothy Dattels as chair of the special committee signal the possibility of a bid to go private, according to BGC analyst Colin Gillis.

Watsa, whose firm is BlackBerry's largest shareholder, stepped down to avoid a conflict of interest with BlackBerry exploring options. Dattels is a private equity investors at TPG Capital, a firm with $57 billion under management, who joined BlackBerry's board last year.

BlackBerry shares are likely being driven up on its buyout prospects, as such deals can offer a 30% premium over the company's market capitalization.

Fairfax declined to comment on reports of the investment firm exploring a buyout of BlackBerry.